Rush Enterprises, which operates the largest network of commercial vehicle dealerships in North America, announced the company’s Q1/14 net income was $12.0 million compared with Q1/13 net income of $13.5 million.

W. M. “Rusty” Rush, CEO and president of Rush Enterprises, said, “Our truck sales performance outpaced the U. S. Class 8 retail sales market and parts, service and body shop revenues topped $300 million, setting a new quarterly record, despite harsh weather conditions and multiple shutdown days at our dealerships in Georgia, Illinois, Indiana, North Carolina, Texas and Virginia during the quarter. We believe these shutdown days represent approximately $3.5-4.0 million in lost revenue potential.”

The company said U.S. Class 8 retail sales were 45,291 units in the first quarter, up 15% over the same time period last year. Rush’s Class 8 sales increased 30% over the same time period, significantly outpacing the industry and accounting for 5.9% of the U.S. Class 8 truck market.

“With improving general economic conditions, including activity in housing and construction, we began to see Class 8 truck sales improve last month across a range of market segments and throughout most regions of the country. We saw particular strength in energy and vocational segments operating in the South Central United States,” said Rush.

Rush’s Class 4-7 medium-duty sales increased 1% over the first quarter of 2013, accounting for 4.6% of the total U.S. market. “Our first quarter Class 4-7 truck sales continued at 2013 levels, with strong activity in the medium-duty fleet, construction, utility and beverage segments of the market,” explained Rush.

ACT Research forecasts U. S. retail sales for Class 8 vehicles to reach 217,000 units in 2014, a 16% increase over 2013. ACT Research also forecast U. S. retail sales for Class 4-7 vehicles to reach 193,500 units in 2014, an 8% increase over 2013.

“Consistent with industry forecasts, our Class 8 order intake has improved as well,” said Rush. “We began to see our backlog increase at the end of last year and the increase continued in the first quarter. We expect our higher rate of order intake to continue throughout 2014 as on-highway and vocational fleets replace aged vehicles and add some capacity.”

To view the entire Rush Enterprises news release,
click here.